Verizon Communications (NYSE:VZ) Price Target Raised to $68.00

Verizon Communications (NYSE:VZ) had its price target increased by stock analysts at SunTrust Banks from $61.00 to $68.00 in a research report issued on Wednesday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the cell phone carrier’s stock. SunTrust Banks’ target price indicates a potential upside of 14.88% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. ValuEngine lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Tuesday, August 27th. Nomura set a $65.00 target price on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Monday, September 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and an average price target of $61.81.

Verizon Communications stock traded up $0.09 during midday trading on Wednesday, reaching $59.19. The stock had a trading volume of 2,173,596 shares, compared to its average volume of 13,418,092. The firm’s fifty day simple moving average is $58.95 and its two-hundred day simple moving average is $57.82. The firm has a market cap of $244.44 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 2.99 and a beta of 0.53. Verizon Communications has a twelve month low of $52.28 and a twelve month high of $61.58. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.87 and a quick ratio of 0.84.



Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 EPS. As a group, sell-side analysts predict that Verizon Communications will post 4.81 EPS for the current fiscal year.

In related news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction on Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the sale, the executive vice president now owns 22,681 shares of the company’s stock, valued at approximately $1,270,362.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,047 shares of company stock valued at $1,214,722. 0.03% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in VZ. Vanguard Group Inc. boosted its position in shares of Verizon Communications by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock valued at $18,527,217,000 after acquiring an additional 4,562,510 shares in the last quarter. BlackRock Inc. lifted its position in shares of Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock worth $18,112,307,000 after purchasing an additional 5,319,802 shares in the last quarter. Northern Trust Corp lifted its position in shares of Verizon Communications by 1.5% during the second quarter. Northern Trust Corp now owns 53,708,472 shares of the cell phone carrier’s stock worth $3,068,366,000 after purchasing an additional 785,670 shares in the last quarter. Morgan Stanley lifted its position in shares of Verizon Communications by 5.0% during the second quarter. Morgan Stanley now owns 34,002,255 shares of the cell phone carrier’s stock worth $1,942,547,000 after purchasing an additional 1,627,183 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of Verizon Communications by 6,712.8% during the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after purchasing an additional 29,167,876 shares in the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

Further Reading: Basic Economics

Analyst Recommendations for Verizon Communications (NYSE:VZ)

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